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December 2016

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Net sales dropped 13.6 per cent to $81.8 million in the three months to January 30, 2016 at Vince Holding from $94.7 million in the fourth quarter of fiscal 2015. But comparable store sales rose 10.7 per cent.

Of which, wholesale segment sales decreased 30.2 per cent year on year to $48.1 million, while direct-to-consumer segment sales soared 30.5 per cent to $33.7 million over the fiscal ago quarter.

For the fourth quarter of fiscal 2016, gross profit was $41.0 million, or 50.1 per cent of net sales, which includes a $2.2 million benefit from the recovery on inventory write-downs taken in the second quarter.

Excluding this benefit, gross profit was $38.8 million, or 47.5 per cent of net sales, which compares to gross profit of $45.8 million, or 48.3 per cent of net sales in the prior fiscal's fourth quarter.

Selling, general, and administrative expenses were $36.2 million, or 44.2 per cent of sales, which includes a $0.3 million favourable adjustment to management transition costs taken in the second quarter.

“Excluding this favourable impact, selling, general and administrative costs were $36.5 million, or 44.6 per cent of net sales in the reporting quarter,” the company explained in a press release.

As against this, selling, general and administrative costs were $25.5 million, or 26.9 per cent of sales in the fourth quarter of fiscal 2015.

Operating income for the quarter under review stood at $4.8 million, compared to operating income of $20.3 million for the fourth quarter of fiscal 2015.

Excluding the benefit from the recovery on the inventory write-down and a favourable adjustment to management transition costs, operating income for the fourth quarter of fiscal 2016 was $2.3 million.

Net income slid steeply to $1.8 million, or $0.05 per diluted share, compared to net income of $10.5 million, or $0.28 per diluted share, for the previous fiscal's fourth quarter.

Again, excluding the benefit from the recovery on the inventory write-down and a favourable adjustment of the transition costs, fourth quarter of fiscal 2016 net income was $0.3 million, or $0.01 per diluted share.

During the fourth quarter of 2015, the company opened two new stores, ending the quarter with 48 company-operated stores. (AR)